The euro currency finally fell to the support level of 1.2050, testing the level more firmly. While price action is trading below this level, we could expect to see some consolidating taking place.
The Stochastics oscillator is also firmly in the oversold level, it supports the possibility of price action consolidation near this level.
However, if the bearish momentum continues, then the euro currency is likely to extend declines further.
The next main support level is near 1.1900. However, if resistance forms near the 1.2050 level, the declines can be confirmed.
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